• Report: #302134
Complaint Review:

FOUNDATION FINANCIAL GROUP, LLC Jacksonville, FL / Atlanta, GA / Tampa, FL

  • Submitted: Mon, January 21, 2008
  • Updated: Mon, October 25, 2010

  • Reported By:Fort Lauderdale Florida
FOUNDATION FINANCIAL GROUP, LLC Jacksonville, FL / Atlanta, GA / Tampa, FL
225 Water St. Suite 2000 Jacksonville, Florida U.S.A.

FOUNDATION FINANCIAL GROUP, LLC Jacksonville, FL / Atlanta, GA / Tampa, FL Foundation Financial Group LIED TO ME BIGTIME about my new loan! I lost appraisal money to these SCAMMERS!!! STAY AWAY AND BEWARE!!!! Jacksonville Florida

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I am completely devistated by what Foundation Financial Group did to me when I applied for my refinance. The broker told me he was a lender that that I was GUARANTEED not to be charged any closing costs or POINTS! He told me that I would get a rate of 6% on my new fixed loan. Once he found out that I was already working with another lender he then came back and said that my new rate was 5.25% with no fees. It wasn't until I cancelled my other loan was he then satisfied to finish my file with him. I asked him why I couldn't keep my options open and keep the other loan moving along but he told me that it was illegal to have two applications going at one time. I later found out from the department of financial regulation in Tallahassee that he flat out LIED to me and that it wasn't illegal. Then he told me that I had to fax him all of my documentation to them in Jacksonville, FL and that his "underwriter" would call me. I found out later that they aren't underwriters or even a directl lender. The state's office told me that they are Correspondent Lender meaning they close the loan but have me service by a real lender. State of Florida said they are just commission mortgage brokers!!!!! Again another LIE!!! Anyway, then I had to pay for an appraisal fee which was $375.00 UP FRONT to the appraiser BEFORE I GOT ANYTHING IN WRITING!!!! When I asked for my disclosures first, he chuckled and said that they were on the way but to HURRY UP and get the appraisal done. I trusted him and called the appraiser back to schedule. After I paid the money upfront for the report, he told me it would close in a week. It wasn't until 44 days later did I see the closing documents and OH MY GOD.... My loan was NOT fixed rate, it was an ARM adjustable. Also, the rate was NOT 5.25% or even 6% but 9.55% with a ridiculous prepayment penalty that would have cost me thousands of dollars. HERE IS THE BEST PART..... as I stated before, he said there were NO FEES OR POINTS, well he was charging me 4% POINTS which equalled $9,020.00 in his BROKER COMMISSION!! Not including the other $3900 of regular closing costs.

When I refused to close the loan, he called me up and asked me what my problem was, I told him he was a big liar and that company was just a RIP OFF SCAM PLACE!! He then called me a BXXXX and hung up.

I have already filed a complaint with the Department of Financial Regulation with the state of Florida so I can get my appraisal money back.


Fort Lauderdale, Florida

This report was posted on Ripoff Report on 01/21/2008 04:20 PM and is a permanent record located here: http://www.ripoffreport.com/reports/foundation-financial-group-llc-jacksonville-fl-atlanta-ga-tampa-fl/jacksonville-florida-32202/foundation-financial-group-llc-jacksonville-fl-atlanta-ga-tampa-fl-foundation-fin-302134. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

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